France urges bigger euro role in international trade

PARIS, July 9

PARIS, July 9 (Reuters) - The euro zone must work to bolster
the role of the euro in international business transactions,
France's finance minister said on Wednesday.

Michel Sapin, who made a similar call last week when
France's largest bank BNP Paribas agreed to pay almost
$9 billion to resolve U.S. accusations that it violated
sanctions, said that would also allow businesses to avoid
currency exchange risk.

Talking about the extra-territoriality of U.S. laws linked
to using the U.S. dollar, Sapin told a conference: "The euro
zone must think about the role it is giving to its common
currency - and mobilise itself to bolster the usage of the euro
as an international exchange currency."

Sapin said last week that euro zone finance ministers would
discuss at a regular meeting on Monday ways to bolster the use
of the euro, but he was not present at the meeting and no news
came out of any discussion of the issue, officials said.

According to U.S. law, banks can be prosecuted for
processing U.S. dollar transactions for countries subject to
U.S. sanctions, even if the operations involve non-U.S.
branches.

Oil major Total's chief executive Christophe de Margerie
backed Sapin's call during the weekend, saying there was no
reason to pay for oil in U.S. dollars

"Doing without the (U.S.) dollar, that wouldn't be
realistic, but it would be good if the euro was used more," the
CEO of the French major said.
(Reporting by Maya Nikolaeva; Additional reporting by Robin
Emmott in Brussels; Writing by Ingrid Melander; Editing by
Andrew Callus)